Saudi Arabia Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Saudi Arabia Cybersecurity Market Size & Share and it is Segmented by Offering (Security Type, Services), By Deployment (Cloud, On-premise), By End User (BFSI, Healthcare, Manufacturing, Government & Defense, IT and Telecommunication, Other End Users).

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Saudi Arabia Cybersecurity Market Size

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Saudi Arabia Cybersecurity Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.63 Billion
Market Size (2029) USD 1.19 Billion
CAGR (2024 - 2029) 13.78 %
Market Concentration Medium

Major Players

Saudi Arabia Cybersecurity Market Major Companies

*Disclaimer: Major Players sorted in no particular order
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Saudi Arabia Cybersecurity Market Analysis

The Saudi Arabia Cybersecurity Market size is estimated at USD 0.63 billion in 2024, and is expected to reach USD 1.19 billion by 2029, growing at a CAGR of 13.78% during the forecast period (2024-2029).

The widespread adoption of remote working regimes by SMEs and large enterprises has contributed to increased network security threats in Saudi Arabia. Saudi enterprises have been increasingly investing in network security tools and equipment, which is expected to boost Saudi Arabia Cybersecurity Market.

  • The government's increased efforts to diversify income sources and reduce reliance on the oil industry, growing digitization of public and private institutions, and rising concerns about cyber-attacks are the primary factors driving demand for the Saudi Arabian Cybersecurity Market during the forecast period.
  • Demand for cybersecurity is being driven up by the government's high-end investments in developing the country's IT infrastructure and the imposition of strict government regulations emphasizing the need for cybersecurity solutions for secure, confidential public data.
  • Rapid technological advancements, the adoption of advanced technologies such as IoT, artificial intelligence, and the deployment of 5G technology are expected to create a wide range of growth opportunities for the industry.
  • The emergence of COVID-19 contributed significantly to the growth of the Saudi Arabian Cybersecurity Market, as organizations provided their employees with the option of working from home to protect them from infection. Because of the shift to digital remote platforms, organizations have increased their spending on advanced cybersecurity solutions to ensure data privacy and security.

Saudi Arabia Cybersecurity Market Trends

This section covers the major market trends shaping the Saudi Arabia Cybersecurity Market according to our research experts:

Growing usage of the Cloud Services across the region

  • The Saudi Arabia Cybersecurity Market continues to grow and evolve with businesses' increasing reliance on information technology as organizations migrate to the cloud to improve performance and implement a cloud-first policy for all new projects.
  • Furthermore, during the COVID-19 pandemic, IT environments are becoming hybrid, resulting in increased use of cloud computing models by various firms or organizations, giving rise to cloud service-related challenges such as misconfigured storage, insufficient identity, and access management controls, unsecured application programming interfaces (APIs), data loss, breaches, and leaks, which is expected to drive growth in the cybersecurity market.
  • The growing acceptance of cloud computing has increased due to its cost-effectiveness, high performance, and accessibility. Moreover, supportive Saudi government supporting initiatives such as "Make in Saudi Arabia" has anticipated acting as a major factor in the growth of the Saudi Arabia Cybersecurity Market.
  • In KSA, Riyadh intends to attract significant foreign investment in the coming years by establishing Special Economic Zones. Riyadh has also been the country's 5G launchpad, with the city experiencing the greatest expansion of 5G services, making Riyadh a major demand generator for the Saudi Arabia cybersecurity market.
Saudi Arabia Cybersecurity Market Trends

Growing digitalization in healthcare industry

  • Due to the pandemic, healthcare organizations in Saudi Arabia are forced to spread across remote work settings, making them vulnerable to varied threats from unsuitable hardware and non-firewalled systems.
  • Using Internet of Medical Things devices to improve patient care raises potential threats in the healthcare sector, which has led to increasing demand for advanced healthcare cyber security solutions. Healthcare cyber security firms in Saudi Arabia offer cyber security services and solutions to healthcare institutions to protect their hospitals and patient information from data breaches and cyber-attacks.
  • Medical data is ten to twenty times more valuable than credit card or banking information, making healthcare an appealing target for cybercriminals, the digital transformation of healthcare over recent years has increased the incidence of cyber-attacks.
  • The Saudi Arabian government takes measures such as ensuring that, as part of a digital project investment, a baseline risk assessment is conducted that captures clinical, organizational, financial, and reputational damage risks and that investments are made in people, processes, and technology based on this to maintain the security posture of a digital transformation initiative.
Saudi Arabia Cybersecurity Market Analysis

Saudi Arabia Cybersecurity Industry Overview

Saudi Arabia Cybersecurity Market is moderately concentrated and dominated by a few major players like Palo Alto Networks Private Limited, McAfee Corporation, International Business Machine Corporation (IBM), Cisco Systems, Inc , and NortonLifeLock Inc. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries.

  • June 2022 - Cisco has introduced a new technical cloud strategy, which connects users and devices to apps and data in a secure manner. The solution will include threat prevention, detection, remediation, and response. It will use a zero-trust approach to continuously verify user and device identities, device posture, vulnerabilities, and signs that they may be compromised.

Saudi Arabia Cybersecurity Market Leaders

  1. International Business Machine Corporation (IBM)

  2. McAfee Corporation.

  3. Cisco Systems, Inc

  4. Palo Alto Networks Inc.

  5. NortonLifeLock Inc.

*Disclaimer: Major Players sorted in no particular order

International Business Machine Corporation (IBM), McAfee Corporation., Cisco Systems, Inc, Palo Alto Networks Inc., NortonLifeLock Inc.
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Saudi Arabia Cybersecurity Market News

  • July 2022 - Cisco has launched a secure cloud that uses an open shared signals and events framework for swift sharing of data between vendors, making the work of security analysts simpler, along with Talos Intel On-Demand, which customizes research according to every organization's unique threat landscape. Its Secure Firewall 3100 series introduces AI and machine learning to the mix for detecting threats.
  • August 2022 - Palo Alto Networks has introduced Unit 42 Managed Detection and Response (Unit 42 MDR), a new service offering continuous 24/7 threat detection, investigation, and response. As Unit 42 MDR is built on Cortex XDR, it is optimized to prioritize alerts and reduce the number of alerts customers receive massively. This helps customers detect more suspicious activity.

Saudi Arabia Cybersecurity Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Value Chain Analysis

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Demand for Digitalization and Scalable IT Infrastructure

      2. 5.1.2 Need to tackle risks from various trends such as third-party vendor risks, the evolution of MSSPs, and adoption of cloud-first strategy

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Cybersecurity Professionals

      2. 5.2.2 High Reliance on Traditional Authentication Methods and Low Preparedness

    3. 5.3 Trends Analysis

      1. 5.3.1 Exponential growth to be witnessed in cloud security owing to shift toward cloud-based delivery model.

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Offering

      1. 6.1.1 Security Type

      2. 6.1.2 Services

    2. 6.2 By Deployment

      1. 6.2.1 Cloud

      2. 6.2.2 On-premise

    3. 6.3 By End User

      1. 6.3.1 BFSI

      2. 6.3.2 Healthcare

      3. 6.3.3 Manufacturing

      4. 6.3.4 Government & Defense

      5. 6.3.5 IT and Telecommunication

      6. 6.3.6 Other End Users

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 International Business Machine Corporation (IBM)

      2. 7.1.2 McAfee Corporation.

      3. 7.1.3 Cisco Systems, Inc

      4. 7.1.4 Palo Alto Networks Inc.

      5. 7.1.5 NortonLifeLock Inc.

      6. 7.1.6 FORTINET, INC.

      7. 7.1.7 Dell Technologies Inc.

      8. 7.1.8 Check Point Software Technologies Ltd

      9. 7.1.9 Salesforce.com, Inc.

      10. 7.1.10 FireEye, Inc.

      11. 7.1.11 Al Moammar Information Systems Co. (MIS).

      12. 7.1.12 Tenable, Inc.

      13. 7.1.13 Hewlett Packard Enterprise Development LP

    2. *List Not Exhaustive

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability
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Saudi Arabia Cybersecurity Industry Segmentation

Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.

Saudi Arabia Cybersecurity Market is Segmented by Offering (Security Type, Services ), By Deployment (Cloud, On-premise), By End User ( BFSI, Healthcare, Manufacturing, Government & Defense, IT, and Telecommunication, Other End Users).

By Offering
Security Type
Services
By Deployment
Cloud
On-premise
By End User
BFSI
Healthcare
Manufacturing
Government & Defense
IT and Telecommunication
Other End Users
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Saudi Arabia Cybersecurity Market Research FAQs

The Saudi Arabia Cybersecurity Market size is expected to reach USD 0.63 billion in 2024 and grow at a CAGR of 13.78% to reach USD 1.19 billion by 2029.

In 2024, the Saudi Arabia Cybersecurity Market size is expected to reach USD 0.63 billion.

International Business Machine Corporation (IBM), McAfee Corporation., Cisco Systems, Inc, Palo Alto Networks Inc. and NortonLifeLock Inc. are the major companies operating in the Saudi Arabia Cybersecurity Market.

In 2023, the Saudi Arabia Cybersecurity Market size was estimated at USD 0.55 billion. The report covers the Saudi Arabia Cybersecurity Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Cybersecurity Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Saudi Arabia Cybersecurity Industry Report

Statistics for the 2024 Saudi Arabia Cybersecurity market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Cybersecurity analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Saudi Arabia Cybersecurity Market Report Snapshots

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Saudi Arabia Cybersecurity Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)